PRICEWORTH TO RESTART PLYWOOD MILL WITH LOG RETURN
KOTA KINABALU, 14 MARCH 2019: PRICEWORTH International Bhd (Priceworth) expects to restart operations at its plywood mill in Sandakan soon, having secured the return of about 11,000 cubic metres of logs from the Sabah Forestry Department (SFD).
“We will be able to restart operations at Sinora’s plywood mill in Sandakan with the return of these logs, while we continue working on the completion of our
acquisition of FMU5,” said Priceworth executive director Richard Koo.
The timber and forest plantation group said it has agreed to pay the royalty, premium, conservation fee and related costs for a total of 11,098.78 cubic metres of logs.
“We would like to take this opportunity to thank the Sabah State Government and the Sabah Forestry Department for allowing us to pay by 11 instalments in 2 months from the date of their letter dated yesterday,” said Priceworth executive director Richard Koo.
“Meanwhile, we will continue to engage with the Sabah Forestry Department on resuming harvesting operations at FMU 5,” added Koo.
“With the resumption of harvesting, we would be able to focus on supporting the state government’s policy of encouraging more high-value downstream industries,” he said.
Priceworth is working on expanding its downstream operations with a new line for the production of container flooring. A sustainable supply of raw material is one of the most pressing issues preventing downstream timber players in Sabah from contributing higher value-added products to the state’s exports.
Priceworth halted harvesting operations in July 2018 following inspections by the Sabah state government’s Special Task Force.
About Priceworth International Berhad:
Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah. Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.
Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.